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North Carolina State Bankruptcy Exemptions |
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North Carolina State Bankruptcy Exemptions |
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Federal
Bankruptcy Exemptions are not available. All law references are to General Statutes of North Carolina unless otherwise noted. |
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| ASSET | EXEMPTION | LAW PROVISION |
| Homestead |
Real or
personal property, including co-op, used as residence to
$10,000; up to $3500 of unused portion of homestead may
be applied to any property Property held as tenancy by the entirety may be exempt against debts owed by only one spouse |
1C-1601(a)(1), (2)
In re Crouch, 33 B. R. 271 (E. D. N. C. 1983) |
| Insurance |
Employee
group life policy or proceeds Fraternal benefit society benefits |
58-58-165 58-24-85 |
| Miscellaneous | Property of business partnership | 59-55 |
| Pensions |
Firefighters & rescue squad workers Law enforcement officers Legislators Municipal, city & county employees Teachers & state employees |
58-86-90 143-166.30(g) 120-4.29 128-31 135-9, 135-95 |
| Personal Property |
Animals,
crops, musical instrument, books, clothing, appliances,
household goods & furnishings to $3500 total; may add
$750 per dependent, up to $3000 total additional Burial plot to $10,000, in lieu of homestead Health aids Motor vehicle to $1500 Personal injury recoveries for person you depended on Wrongful death recoveries for person you depended on |
1C-1601(a)(4) 1C-1601(a)(1) 1C-1601(a)(7) 1C-1601(a)(3) 1C-1601(a)(8) 1C-1601(a)(8) |
| Public Benefits |
AFDC,
special adult assistance Aid to blind Crime victims’ compensation Unemployment compensation Workers’ compensation |
108A-36 111-18 15B-17 96-17 97-21 |
| Tools of Trade | Implements, books & tools of trade to $750 | 1C-1601(a)(5) |
| Wages | Earned but unpaid wages received 60 days before filing for bankruptcy, needed for support | 1-362 |
| Wild Card | $3500 less any amount claimed for homestead or burial exemption, of any property | 1C-1601(a)(2) |
Thursday January 12, 2006